0001437578-24-000026 | 10-Q | XBRL Viewer | Bright Horizons Family Solutions INC

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LEASES - Additional Information (Details) $ in Millions	Jun. 30, 2024 USD ($)
Lessee, Lease, Description [Line Items]
Total fixed payment obligations for operating lease not yet commenced	$ 14.8
Minimum
Lessee, Lease, Description [Line Items]
Operating lease term	10 years
Maximum
Lessee, Lease, Description [Line Items]
Operating lease term	15 years
Operating lease not yet commenced term	15 years

SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

SEGMENT INFORMATION

The Company’s reportable segments are comprised of (1) full service center-based child care, (2) back-up care, and (3) educational advisory services. The full service center-based child care segment includes the traditional center-based early education and child care, preschool, and elementary education. The Company’s back-up care segment consists of center-based back-up child care, in-home care for children and adult/elder dependents, school-age camps, tutoring, pet care, self-sourced reimbursed care, and Sittercity, an online marketplace for families and caregivers. The Company’s educational advisory services segment consists of tuition assistance and student loan repayment program management, workforce education, related educational advising, and college admissions counseling services. The Company and its chief operating decision maker evaluate performance based on revenue and income from operations. Intercompany activity is eliminated in the segment results. The assets and liabilities of the Company are managed centrally and are reported internally in the same manner as the consolidated financial statements; therefore, no segment asset information is produced or included herein.

Effective January 1, 2024, the Company realigned its organizational structure to better reflect synergies across certain business lines resulting in a change in reportable segments. As a result, the back-up care reportable segment now includes the Sittercity operations, which were previously reported in the educational advisory and other services segment. Segment information for 2023 has been recast to conform to the current year presentation.

Revenue and income from operations by reportable segment were as follows:


	Full service center-based child care		Back-up care		Educational advisory services		Total

	(In thousands)
Three months ended June 30, 2024
Revenue	$	507,077	$	136,490	$	26,492	$	670,059
Income from operations	32,644		31,593		4,822		69,059

Three months ended June 30, 2023
Revenue	$	458,531	$	118,838	$	25,847	$	603,216
Income from operations	13,070		27,470		4,992		45,532


	Full service center-based child care		Back-up care		Educational advisory services		Total

	(In thousands)
Six months ended June 30, 2024
Revenue	$	990,717	$	251,162	$	50,889	$	1,292,768
Income from operations	54,088		47,576		7,332		108,996

Six months ended June 30, 2023
Revenue	$	888,722	$	217,968	$	50,132	$	1,156,822
Income from operations (1)	21,503		45,243		9,431		76,177

(1)For the six months ended June 30, 2023, income from operations included value-added-tax expense of $6.0 million related to prior periods, of which $4.3 million was associated with the back-up care segment and $1.7 million was associated with the full service center-based child care segment.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

CREDIT ARRANGEMENTS AND DEBT OBLIGATIONS - Schedule of Derivatives by Balance Sheet Location (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Interest rate caps \| Other assets
Derivatives, Fair Value [Line Items]
Interest rate caps - asset	$ 28,864	$ 28,968

ORGANIZATION AND BASIS OF PRESENTATION	6 Months Ended
ORGANIZATION AND BASIS OF PRESENTATION	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BASIS OF PRESENTATION	ORGANIZATION AND BASIS OF PRESENTATION Organization — Bright Horizons Family Solutions Inc. (“Bright Horizons” or the “Company”) provides center-based early education and child care, back-up child and adult/elder care, tuition assistance and student loan repayment program management, and educational advisory services for employers and families in the United States, the United Kingdom, the Netherlands, Australia and India. The Company provides services designed to help families, employers and their employees better integrate work and family life, primarily under multi-year contracts with employers who offer early education and child care, back-up and family care, and workforce education services as part of their employee benefits packages in an effort to support employees across life and career stages and to improve recruitment, employee engagement, productivity, retention and career advancement. As of June 30, 2024, we operated 1,032 early education and child care centers. Basis of Presentation — The accompanying unaudited condensed consolidated balance sheet as of June 30, 2024 and the unaudited condensed consolidated statements of income, comprehensive income, changes in stockholders’ equity, and cash flows for the interim periods ended June 30, 2024 and 2023 have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required in accordance with U.S. GAAP for complete financial statements and should be read in conjunction with the audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The consolidated financial statements include the accounts of the Company and its subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. In the opinion of the Company’s management, the Company’s unaudited condensed consolidated balance sheet as of June 30, 2024 and the unaudited condensed consolidated statements of income, comprehensive income, changes in stockholders’ equity, and cash flows for the interim periods ended June 30, 2024 and 2023, reflect all adjustments (consisting only of normal and recurring adjustments) necessary to present fairly the results of the interim periods presented. The operating results for the interim periods presented are not necessarily indicative of the results expected for the full year. Effective January 1, 2024, the Company realigned its organizational structure to better reflect synergies across certain business lines resulting in a change in reportable segments. The Company’s Back-up Care segment now includes the Sittercity operations, which were previously reported in the Educational Advisory and Other Services segment. Segment information for 2023 has been recast to conform to the current year presentation. During the six months ended June 30, 2023, the Company recorded expense of $6.0 million for an immaterial correction of an error related to value-added tax incurred in prior periods, of which $4.3 million is included in cost of services and $1.7 million is included in selling, general and administrative expenses. Refer to Note 11, Segment Information, for additional information. Stockholders’ Equity — The board of directors of the Company authorized a share repurchase program of up to $400 million of the Company’s outstanding common stock effective December 16, 2021. The share repurchase program has no expiration date. The shares may be repurchased from time to time in open market transactions at prevailing market prices, in privately negotiated transactions, under Rule 10b5-1 plans, or by other means in accordance with federal securities laws. During the six months ended June 30, 2024 and 2023, there were no share repurchases under the repurchase program. All repurchased shares have been retired and, at June 30, 2024, $198.3 million remained available under the Board-approved repurchase program. Government Support — During the six months ended June 30, 2023, the Company participated in certain government support programs that were enacted in response to the economic impact of the COVID-19 pandemic. With the expiration of the child care stabilization grants on September 30, 2023, most of the pandemic-related government support programs for which the Company was eligible ended in 2023. During the six months ended June 30, 2023, $35.1 million was recorded as a reduction to cost of services in relation to these benefits, of which $12.2 million reduced the operating subsidies paid by employers for the related child care centers. Additionally, during the six months ended June 30, 2023, $1.2 million was recorded to revenue related to amounts received for tuition support.

REVENUE RECOGNITION - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue recognized	$ 213.2	$ 175.2

EARNINGS PER SHARE - Computation of Diluted Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Diluted earnings per share:
Earnings allocated to common stock	$ 39,174	$ 20,548	$ 56,163	$ 28,646
Plus: earnings allocated to unvested participating shares	0	46	0	74
Less: adjusted earnings allocated to unvested participating shares	0	(46)	0	(74)
Earnings allocated to common stock	$ 39,174	$ 20,548	$ 56,163	$ 28,646
Weighted average common shares outstanding:
Common stock (in shares)	57,971,350	57,707,565	57,924,875	57,655,715
Effect of dilutive securities (in shares)	466,836	197,859	449,421	151,952
Weighted average common shares outstanding — diluted (in shares)	58,438,186	57,905,424	58,374,296	57,807,667
Earnings per common share:
Common stock (in dollars per share)	$ 0.67	$ 0.35	$ 0.96	$ 0.50

GOODWILL AND INTANGIBLE ASSETS (Tables)

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Carrying Amount of Goodwill

The changes in the carrying amount of goodwill were as follows:


	Full service center-based child care		Back-up care		Educational advisory services		Total

	(In thousands)
Balance at January 1, 2024	$	1,539,264	$	209,465	$	37,676	$	1,786,405
Additions from acquisitions	12,180		—		—		12,180
Adjustments to prior year acquisitions	107		—		—		107
Effect of foreign currency translation	(10,362)		(164)		—		(10,526)
Balance at June 30, 2024	$	1,541,189	$	209,301	$	37,676	$	1,788,166

Schedule of Intangible Assets

The Company also has intangible assets, which consisted of the following at June 30, 2024 and December 31, 2023:


June 30, 2024	Weighted average amortization period	Cost		Accumulated amortization		Net carrying amount

		(In thousands)
Definite-lived intangible assets:
Customer relationships	8 years	$	397,539	$	(381,479)	$	16,060
Trade names	10 years	19,685		(12,362)		7,323
		417,224		(393,841)		23,383
Indefinite-lived intangible assets:
Trade names	N/A	180,547		—		180,547
		$	597,771	$	(393,841)	$	203,930


December 31, 2023	Weighted average amortization period	Cost		Accumulated amortization		Net carrying amount

		(In thousands)
Definite-lived intangible assets:
Customer relationships	11 years	$	397,079	$	(368,963)	$	28,116
Trade names	10 years	19,664		(11,795)		7,869
		416,743		(380,758)		35,985
Indefinite-lived intangible assets:
Trade names	N/A	180,591		—		180,591
		$	597,334	$	(380,758)	$	216,576

Schedule of Estimated Amortization Expense Related to Intangible Assets

The Company estimates that it will record amortization expense related to intangible assets existing as of June 30, 2024 as follows:


	Estimated amortization expense

	(In thousands)
Remainder of 2024	$	4,862
2025	6,212
2026	4,323
2027	3,137
2028	1,717
Thereafter	3,132
	$	23,383

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

CREDIT ARRANGEMENTS AND DEBT OBLIGATIONS (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Outstanding Borrowings

Long-term debt obligations were as follows:


	June 30, 2024		December 31, 2023

	(In thousands)
Term loan B	$	585,000	$	588,000
Term loan A	375,000		380,000
Deferred financing costs and original issue discount	(4,643)		(5,236)
Total debt	955,357		962,764
Less current maturities	(23,500)		(18,500)
Long-term debt	$	931,857	$	944,264

Schedule of Maturities of Long-term Debt

Future principal payments of long-term debt are as follows for the years ending December 31:


	Long-term debt

	(In thousands)
Remainder of 2024	$	10,500
2025	28,500
2026	351,000
2027	6,000
2028	564,000

Total future principal payments	$	960,000

Schedule of Fair Value of Derivative Financial Instruments

The fair value of the derivative financial instruments was as follows for the periods presented:

Derivative financial instruments

Consolidated balance sheet classification

June 30, 2024

December 31, 2023

(In thousands)

Interest rate caps - asset

Other assets

28,864

28,968

Schedule of the Effect of Derivatives Financial Instruments on Other Comprehensive Income (Loss)

The effect of the derivative financial instruments on other comprehensive income (loss) was as follows:


Derivatives designated as cash flow hedging instruments	Amount of gain (loss) recognized in other comprehensive income (loss)		Consolidated statement of income classification	Amount of net gain (loss) reclassified into earnings		Total effect on other comprehensive income (loss)

	(In thousands)			(In thousands)
Three months ended June 30, 2024
Cash flow hedges	$	3,295	Interest expense — net	$	5,638	$	(2,343)
Income tax effect	(880)		Income tax expense	(1,506)		626
Net of income taxes	$	2,415		$	4,132	$	(1,717)

Three months ended June 30, 2023
Cash flow hedges	$	15,312	Interest expense — net	$	8,004	$	7,308
Income tax effect	(4,088)		Income tax expense	(2,137)		(1,951)
Net of income taxes	$	11,224		$	5,867	$	5,357


Derivatives designated as cash flow hedging instruments	Amount of gain (loss) recognized in other comprehensive income (loss)		Consolidated statement of income classification	Amount of net gain (loss) reclassified into earnings		Total effect on other comprehensive income (loss)

	(In thousands)			(In thousands)
Six months ended June 30, 2024
Cash flow hedges	$	12,303	Interest expense — net	$	11,389	$	914
Income tax effect	(3,285)		Income tax expense	(3,041)		(244)
Net of income taxes	$	9,018		$	8,348	$	670

Six months ended June 30, 2023
Cash flow hedges	$	10,048	Interest expense — net	$	14,980	$	(4,932)
Income tax effect	(2,683)		Income tax expense	(4,000)		1,317
Net of income taxes	$	7,365		$	10,980	$	(3,615)

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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-Section 50
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

ACQUISITIONS (Details) $ in Thousands	1 Months Ended		6 Months Ended		12 Months Ended
ACQUISITIONS (Details) $ in Thousands	Apr. 30, 2024 USD ($)	Jan. 31, 2024 USD ($)	Jun. 30, 2024 USD ($) center acquisition	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) center transaction	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Payments to acquire business, net of cash acquired			$ 3,548	$ 30,884
Goodwill			1,788,166		$ 1,786,405
Contingent consideration paid			103,872	$ 225
Number of business acquisition transactions \| transaction					5
2024 Acquisitions
Business Acquisition [Line Items]
Payments to acquire business, net of cash acquired	$ 1,300		2,500
Contingent consideration recorded	700
Exchange for additional shares						$ 8,400
Goodwill	9,800
Finite-lived intangible assets acquired	$ 1,000		$ 300
Finite-lived intangible assets amortization period			4 years
2024 Acquisitions \| Minimum
Business Acquisition [Line Items]
Finite-lived intangible assets amortization period	4 years
2024 Acquisitions \| Maximum
Business Acquisition [Line Items]
Finite-lived intangible assets amortization period	5 years
2024 Acquisitions \| Full service center-based child care
Business Acquisition [Line Items]
Goodwill			$ 2,400
2024 Acquisitions \| Australia
Business Acquisition [Line Items]
Number of centers acquired \| center			1
Only About Children
Business Acquisition [Line Items]
Contingent consideration recorded		$ 97,700
Contingent consideration paid		106,500
2021 Acquisitions
Business Acquisition [Line Items]
Contingent consideration recorded	$ 6,200
Contingent consideration paid		$ 14,300			$ 200
2023 Acquisitions
Business Acquisition [Line Items]
Payments to acquire business, net of cash acquired					39,500
Finite-lived intangible assets acquired					$ 4,000
Finite-lived intangible assets amortization period					4 years
Business combination acquisition term			1 year
Number of acquisition \| acquisition			3
2023 Acquisitions \| Full service center-based child care
Business Acquisition [Line Items]
Goodwill					$ 37,200
Amount of goodwill expected to be deductible for tax purposes					$ 25,500
2023 Acquisitions \| Australia
Business Acquisition [Line Items]
Number of centers acquired \| center					6
2023 Acquisitions \| United States
Business Acquisition [Line Items]
Number of centers acquired \| center					4

CREDIT ARRANGEMENTS AND DEBT OBLIGATIONS - Outstanding Borrowing (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Schedule Of Borrowings [Line Items]
Less current maturities	$ (23,500)	$ (18,500)
Long-term debt	931,857	944,264
Line of Credit
Schedule Of Borrowings [Line Items]
Deferred financing costs and original issue discount	(4,643)	(5,236)
Total debt	955,357	962,764
Less current maturities	(23,500)	(18,500)
Long-term debt	931,857	944,264
Term loan B \| Line of Credit
Schedule Of Borrowings [Line Items]
Term loan	585,000	588,000
Term loan A \| Line of Credit
Schedule Of Borrowings [Line Items]
Term loan	$ 375,000	$ 380,000

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 39,174	$ 20,594	$ 56,163	$ 28,720
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			53,099	56,229
Stock-based compensation expense			15,516	13,313
Deferred income taxes			(3,921)	(4,250)
Non-cash interest and other — net			7,411	5,434
Changes in assets and liabilities:
Accounts receivable			97,573	35,802
Prepaid expenses and other current assets			4,828	(15,845)
Accounts payable and accrued expenses			22,556	6,326
Income taxes			(8,030)	1,505
Deferred revenue			(9,570)	15,939
Leases			(3,823)	(19)
Other assets			(2,084)	10,705
Other current and long-term liabilities			(3,968)	26,183
Net cash provided by operating activities			225,750	180,042
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of fixed assets - net			(42,016)	(40,115)
Purchases of debt securities and other investments			(36,281)	(8,956)
Proceeds from the maturity of debt securities and sale of other investments			17,713	11,227
Payments and settlements for acquisitions — net of cash acquired			(3,548)	(30,884)
Net cash used in investing activities			(64,132)	(68,728)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under revolving credit facility			156,500	224,000
Payments under revolving credit facility			(156,500)	(308,000)
Principal payments of long-term debt			(8,000)	(8,000)
Proceeds from issuance of common stock upon exercise of options			6,901	7,382
Taxes paid related to the net share settlement of stock options and restricted stock			(1,786)	(1,629)
Payments of deferred and contingent consideration for acquisitions			(103,872)	(225)
Net cash used in financing activities			(106,757)	(86,472)
Effect of exchange rates on cash, cash equivalents and restricted cash			(723)	(330)
Net increase in cash, cash equivalents and restricted cash			54,138	24,512
Cash, cash equivalents and restricted cash — beginning of period			89,451	51,894	$ 51,894
Cash, cash equivalents and restricted cash — end of period	143,589	76,406	143,589	76,406	89,451
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	140,246	66,011	140,246	66,011	71,568
Restricted cash, included in prepaid expenses and other current assets	1,180	8,298	1,180	8,298
Restricted cash, included in other assets	2,163	2,097	2,163	2,097
Total cash, cash equivalents and restricted cash — end of period	$ 143,589	$ 76,406	143,589	76,406	$ 89,451
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash payments of interest			38,309	36,104
Cash received from cash flow hedges of interest rate risk			12,407	15,936
Cash payments of income taxes			39,722	26,128
Cash paid for amounts included in the measurement of lease liabilities			77,649	77,126
NON-CASH TRANSACTIONS:
Fixed asset purchases recorded in accounts payable and accrued expenses			2,391	2,438
Operating right-of-use assets obtained in exchange for operating lease liabilities — net			28,960	32,138
Restricted stock reclassified from other current liabilities to equity upon vesting			6,488	8,192
Contingent consideration issued for acquisitions			$ 696	$ 0

ORGANIZATION AND BASIS OF PRESENTATION (Details)	6 Months Ended
ORGANIZATION AND BASIS OF PRESENTATION (Details)	Jun. 30, 2024 USD ($) center shares	Jun. 30, 2023 USD ($) shares	Dec. 16, 2021 USD ($)
Organization And Basis Of Presentation [Line Items]
Number of childcare and early education centers operated \| center	1,032
Stock repurchase program, authorized amount			$ 400,000,000
Stock repurchased (in shares) \| shares	0	0
Stock repurchase program, remaining authorized repurchase amount	$ 198,300,000
Governmental assistance, reduction to cost of services		$ 35,100,000
Reduction of operating subsidies for the related child care centers		12,200,000
Revenue recognized	$ 213,200,000	175,200,000
Full service center-based child care
Organization And Basis Of Presentation [Line Items]
Acquisition related costs		6,000,000.0
Full service center-based child care \| Value-Added Tax Incurred In Prior Periods \| Cost of Sales
Organization And Basis Of Presentation [Line Items]
Occupancy costs		1,700,000
Full service center-based child care \| Value-Added Tax Incurred In Prior Periods \| Selling, General and Administrative Expenses
Organization And Basis Of Presentation [Line Items]
Occupancy costs		4,300,000
Tuition Support
Organization And Basis Of Presentation [Line Items]
Revenue recognized		$ 1,200,000

CREDIT ARRANGEMENTS AND DEBT OBLIGATIONS - Effect of Derivatives on Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivatives, Fair Value [Line Items]
Income tax effect	$ 17,872	$ 12,719	$ 27,139	$ 22,322
Net income	39,174	20,594	56,163	28,720
Other comprehensive income (loss) before reclassifications — net of tax \| Amount of gain (loss) recognized in other comprehensive income (loss)
Derivatives, Fair Value [Line Items]
Net income	2,415	11,224	9,018	7,365
Other comprehensive income (loss) before reclassifications — net of tax \| Amount of net gain (loss) reclassified into earnings
Derivatives, Fair Value [Line Items]
Net income	4,132	5,867	8,348	10,980
Other comprehensive income (loss) before reclassifications — net of tax \| Total effect on other comprehensive income (loss)
Derivatives, Fair Value [Line Items]
Net income	(1,717)	5,357	670	(3,615)
Cash flow hedges \| Other comprehensive income (loss) before reclassifications — net of tax \| Amount of gain (loss) recognized in other comprehensive income (loss)
Derivatives, Fair Value [Line Items]
Cash flow hedges	3,295	15,312	12,303	10,048
Cash flow hedges \| Other comprehensive income (loss) before reclassifications — net of tax \| Amount of net gain (loss) reclassified into earnings
Derivatives, Fair Value [Line Items]
Cash flow hedges	5,638	8,004	11,389	14,980
Cash flow hedges \| Other comprehensive income (loss) before reclassifications — net of tax \| Total effect on other comprehensive income (loss)
Derivatives, Fair Value [Line Items]
Cash flow hedges	(2,343)	7,308	914	(4,932)
Income tax effect \| Other comprehensive income (loss) before reclassifications — net of tax \| Amount of gain (loss) recognized in other comprehensive income (loss)
Derivatives, Fair Value [Line Items]
Income tax effect	(880)	(4,088)	(3,285)	(2,683)
Income tax effect \| Other comprehensive income (loss) before reclassifications — net of tax \| Amount of net gain (loss) reclassified into earnings
Derivatives, Fair Value [Line Items]
Income tax effect	(1,506)	(2,137)	(3,041)	(4,000)
Income tax effect \| Other comprehensive income (loss) before reclassifications — net of tax \| Total effect on other comprehensive income (loss)
Derivatives, Fair Value [Line Items]
Income tax effect	$ 626	$ (1,951)	$ (244)	$ 1,317

GOODWILL AND INTANGIBLE ASSETS - Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Definite-lived intangible assets:
Cost	$ 417,224	$ 416,743
Accumulated amortization	(393,841)	(380,758)
Net carrying amount	23,383	35,985
Intangible Assets:
Cost	597,771	597,334
Accumulated amortization	(393,841)	(380,758)
Net carrying amount	203,930	216,576
Trade names
Indefinite-lived intangible assets:
Indefinite-lived intangible assets:	$ 180,547	$ 180,591
Customer relationships
Definite-lived intangible assets:
Weighted average amortization period	8 years	11 years
Cost	$ 397,539	$ 397,079
Accumulated amortization	(381,479)	(368,963)
Net carrying amount	16,060	28,116
Intangible Assets:
Accumulated amortization	$ (381,479)	$ (368,963)
Trade names
Definite-lived intangible assets:
Weighted average amortization period	10 years	10 years
Cost	$ 19,685	$ 19,664
Accumulated amortization	(12,362)	(11,795)
Net carrying amount	7,323	7,869
Intangible Assets:
Accumulated amortization	$ (12,362)	$ (11,795)

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2024	Jul. 25, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-35780
Entity Registrant Name	BRIGHT HORIZONS FAMILY SOLUTIONS INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	80-0188269
Entity Address, Address Line One	2 Wells Avenue
Entity Address, City or Town	Newton
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02459
City Area Code	(617)
Local Phone Number	673-8000
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	BFAM
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		58,043,155
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001437578
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenue	$ 670,059	$ 603,216	$ 1,292,768	$ 1,156,822
Cost of services	507,647	466,653	995,228	898,645
Gross profit	162,412	136,563	297,540	258,177
Selling, general and administrative expenses	87,499	81,899	175,045	164,670
Amortization of intangible assets	5,854	9,132	13,499	17,330
Income from operations	69,059	45,532	108,996	76,177
Interest expense — net	(12,013)	(12,219)	(25,694)	(25,135)
Income before income tax	57,046	33,313	83,302	51,042
Income tax expense	(17,872)	(12,719)	(27,139)	(22,322)
Net income	$ 39,174	$ 20,594	$ 56,163	$ 28,720
Earnings per common share:
Common stock — basic (in dollars per share)	$ 0.68	$ 0.36	$ 0.97	$ 0.50
Common stock — diluted (in dollars per share)	$ 0.67	$ 0.35	$ 0.96	$ 0.50
Weighted average common shares outstanding:
Common stock — basic (in shares)	57,971,350	57,707,565	57,924,875	57,655,715
Common stock — diluted (in shares)	58,438,186	57,905,424	58,374,296	57,807,667
Cost, Product and Service [Extensible Enumeration]	Service [Member]	Service [Member]	Service [Member]	Service [Member]

LEASES

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

LEASES

The Company has operating leases for certain of its full service and back-up early education and child care centers, corporate offices, call centers, and to a lesser extent, various office equipment, in the United States, the United Kingdom, the Netherlands, and Australia. Most of the leases expire within 10 to 15 years and many contain renewal options and/or termination provisions. As of June 30, 2024 and December 31, 2023, there were no material finance leases.

Lease Expense

The components of lease expense were as follows:


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023

	(In thousands)
Operating lease expense (1)	$	38,477	$	39,459	$	76,208	$	77,427
Variable lease expense (1)	11,332		10,565		22,103		21,740
Total lease expense	$	49,809	$	50,024	$	98,311	$	99,167

(1) Excludes short-term lease expense and sublease income, which were immaterial for the periods presented.

Other Information

The weighted average remaining lease term and the weighted average discount rate were as follows:


	June 30, 2024	December 31, 2023

Weighted average remaining lease term (in years)	10	10
Weighted average discount rate	7.1%	7.1%

Maturity of Lease Liabilities

The following table summarizes the maturity of lease liabilities as of June 30, 2024:


	Operating Leases

	(In thousands)
Remainder of 2024	$	69,466
2025	153,824
2026	147,846
2027	138,514
2028	127,465
Thereafter	596,269
Total lease payments	1,233,384
Less imputed interest	(357,126)
Present value of lease liabilities	876,258
Less current portion of operating lease liabilities	(100,934)
Long-term operating lease liabilities	$	775,324

As of June 30, 2024, the Company had entered into additional operating leases with total fixed payment obligations of $14.8 million that have not yet commenced. The leases are expected to commence in fiscal 2024 and have initial lease terms of approximately 15 years.

LEASES (Tables)

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Schedule of Components of Lease Expense

The components of lease expense were as follows:


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023

	(In thousands)
Operating lease expense (1)	$	38,477	$	39,459	$	76,208	$	77,427
Variable lease expense (1)	11,332		10,565		22,103		21,740
Total lease expense	$	49,809	$	50,024	$	98,311	$	99,167

(1) Excludes short-term lease expense and sublease income, which were immaterial for the periods presented.

Schedule of Weighted Average Remaining Lease Term and Discount Rate

The weighted average remaining lease term and the weighted average discount rate were as follows:


	June 30, 2024	December 31, 2023

Weighted average remaining lease term (in years)	10	10
Weighted average discount rate	7.1%	7.1%

Schedule of Maturities of Lease Liabilities

The following table summarizes the maturity of lease liabilities as of June 30, 2024:


	Operating Leases

	(In thousands)
Remainder of 2024	$	69,466
2025	153,824
2026	147,846
2027	138,514
2028	127,465
Thereafter	596,269
Total lease payments	1,233,384
Less imputed interest	(357,126)
Present value of lease liabilities	876,258
Less current portion of operating lease liabilities	(100,934)
Long-term operating lease liabilities	$	775,324

SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of Revenue and Income from Operations by Segment

Revenue and income from operations by reportable segment were as follows:


	Full service center-based child care		Back-up care		Educational advisory services		Total

	(In thousands)
Three months ended June 30, 2024
Revenue	$	507,077	$	136,490	$	26,492	$	670,059
Income from operations	32,644		31,593		4,822		69,059

Three months ended June 30, 2023
Revenue	$	458,531	$	118,838	$	25,847	$	603,216
Income from operations	13,070		27,470		4,992		45,532


	Full service center-based child care		Back-up care		Educational advisory services		Total

	(In thousands)
Six months ended June 30, 2024
Revenue	$	990,717	$	251,162	$	50,889	$	1,292,768
Income from operations	54,088		47,576		7,332		108,996

Six months ended June 30, 2023
Revenue	$	888,722	$	217,968	$	50,132	$	1,156,822
Income from operations (1)	21,503		45,243		9,431		76,177

CREDIT ARRANGEMENTS AND DEBT OBLIGATIONS - Derivative Financial Instruments Narrative (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2021	Jun. 30, 2020
Derivatives, Fair Value [Line Items]
Net gain to be reclassified from accumulated other comprehensive loss and recorded to interest expense during the next twelve months	$ 17,800,000
Interest rate caps
Derivatives, Fair Value [Line Items]
Derivative, notional amount		$ 900,000,000	$ 800,000,000
Interest rate cap agreement, threshold for interest rate protection			0.90%
Interest rate caps \| October 31, 2023
Derivatives, Fair Value [Line Items]
Derivative, notional amount			$ 300,000,000
Interest rate caps \| October 31, 2023
Derivatives, Fair Value [Line Items]
Derivative, notional amount			$ 500,000,000
Interest rate caps \| October 31, 2025
Derivatives, Fair Value [Line Items]
Derivative, notional amount		$ 600,000,000
Interest rate cap agreement, threshold for interest rate protection		2.40%
Interest rate caps \| October 31, 2026
Derivatives, Fair Value [Line Items]
Derivative, notional amount		$ 300,000,000
Interest rate cap agreement, threshold for interest rate protection		2.90%

SEGMENT INFORMATION - Income from Operations by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Revenue	$ 670,059	$ 603,216	$ 1,292,768	$ 1,156,822
Income (loss) from operations	69,059	45,532	108,996	76,177
Full service center-based child care \| Full Service Center Based Child Care In Prior Periods \| Selling, General and Administrative Expenses
Segment Reporting Information [Line Items]
Occupancy costs				1,700
Full service center-based child care \| Operating Segments
Segment Reporting Information [Line Items]
Revenue	507,077	458,531	990,717	888,722
Income (loss) from operations	32,644	13,070	54,088	21,503
Back-up care \| Full Service Center Based Child Care In Prior Periods \| Cost of Sales
Segment Reporting Information [Line Items]
Occupancy costs				4,300
Back-up care \| Operating Segments
Segment Reporting Information [Line Items]
Revenue	136,490	118,838	251,162	217,968
Income (loss) from operations	31,593	27,470	47,576	45,243
Educational advisory services \| Operating Segments
Segment Reporting Information [Line Items]
Revenue	26,492	25,847	50,889	50,132
Income (loss) from operations	$ 4,822	$ 4,992	$ 7,332	$ 9,431

LEASES - Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
LEASES - Lease Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating lease expense	$ 38,477	$ 39,459	$ 76,208	$ 77,427
Variable lease expense	11,332	10,565	22,103	21,740
Total lease expense	$ 49,809	$ 50,024	$ 98,311	$ 99,167

GOODWILL AND INTANGIBLE ASSETS - Changes in Carrying Amount of Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 1,786,405
Additions from acquisitions	12,180
Adjustments to prior year acquisitions	107
Effect of foreign currency translation	(10,526)
Ending balance	1,788,166
Full service center-based child care
Goodwill [Roll Forward]
Beginning balance	1,539,264
Additions from acquisitions	12,180
Adjustments to prior year acquisitions	107
Effect of foreign currency translation	(10,362)
Ending balance	1,541,189
Back-up care
Goodwill [Roll Forward]
Beginning balance	209,465
Additions from acquisitions	0
Adjustments to prior year acquisitions	0
Effect of foreign currency translation	(164)
Ending balance	209,301
Educational advisory services
Goodwill [Roll Forward]
Beginning balance	37,676
Additions from acquisitions	0
Adjustments to prior year acquisitions	0
Effect of foreign currency translation	0
Ending balance	$ 37,676

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
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-Paragraph 100
-Subparagraph (d)
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.9-03(10)(1))
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+ Details

EARNINGS PER SHARE - Additional Information (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Common Stock \| Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options outstanding to purchase shares of common stock excluded from diluted earnings per share (in shares)	1.4	1.8	1.5	1.9

CREDIT ARRANGEMENTS AND DEBT OBLIGATIONS

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

CREDIT ARRANGEMENTS AND DEBT OBLIGATIONS

Senior Secured Credit Facilities

The Company’s senior secured credit facilities consist of a $600 million term loan B facility (“term loan B”) and a $400 million term loan A facility (“term loan A” and, together with term loan B, the “term loan facilities” or “term loans”), as well as a $400 million multi-currency revolving credit facility (“revolving credit facility”).

Long-term debt obligations were as follows:


	June 30, 2024		December 31, 2023

	(In thousands)
Term loan B	$	585,000	$	588,000
Term loan A	375,000		380,000
Deferred financing costs and original issue discount	(4,643)		(5,236)
Total debt	955,357		962,764
Less current maturities	(23,500)		(18,500)
Long-term debt	$	931,857	$	944,264

All borrowings under the credit facilities are subject to variable interest. The effective interest rate for the term loans was 7.42% and 7.52% at June 30, 2024 and December 31, 2023, respectively, and the weighted average interest rate was 7.47% and 6.91% for the six months ended June 30, 2024 and 2023, respectively, prior to the effects of any interest rate hedge arrangements. There were no borrowings outstanding under the revolving credit facility at June 30, 2024 and December 31, 2023. The weighted average interest rate for the revolving credit facility was 7.81% and 7.07% for the six months ended June 30, 2024 and 2023, respectively. The effective interest rate on the revolving credit facility may fluctuate from borrowing to borrowing for various reasons, including changes in the term benchmark or base interest rate, and the selected borrowing cycle as rates can vary between under-30 day and over-30 day borrowings.

Term Loan B Facility

The seven-year term loan B matures on November 23, 2028 and requires quarterly principal payments equal to 1% per annum of the original aggregate principal amount of the term loan B, with the remaining principal balance due at maturity. Borrowings under the term loan B facility bear interest at a rate per annum of 1.25% over the base rate, or 2.25% over the adjusted term SOFR rate. The base rate is subject to an interest rate floor of 1.50% and the adjusted term SOFR rate is subject to an interest rate floor of 0.50%.

Term Loan A Facility

The five-year term loan A matures on November 23, 2026 and requires quarterly principal payments equal to 2.5% per annum of the original aggregate principal amount of the term loan A in each of the first three years, 5.0% in the fourth year, and 7.5% in the fifth year. The remaining principal balance is due at maturity. Borrowings under the term loan A facility bear interest at a rate per annum ranging from 0.50% to 0.75% over the base rate, or 1.50% to 1.75% over the adjusted term SOFR rate. The base rate is subject to an interest rate floor of 1.00% and the adjusted term SOFR rate is subject to an interest rate floor of 0.00%.

Revolving Credit Facility

The $400 million multi-currency revolving credit facility matures on May 26, 2026. At June 30, 2024, there were no borrowings outstanding under the revolving credit facility and letters of credit outstanding were $10.2 million, with $389.8 million available for borrowing. At December 31, 2023, there were no borrowings outstanding under the revolving credit facility and letters of credit outstanding were $19.3 million, with $380.7 million available for borrowing.

In January 2024, the Company utilized the revolving credit facility, combined with available cash on hand, to pay deferred consideration of $106.5 million related to the 2022 acquisition of Only About Children. Borrowings on the revolving credit facility were subsequently repaid during the quarter ended March 31, 2024. Refer to Note 4, Acquisitions, for additional information.

Borrowings under the revolving credit facility bear interest at a rate per annum ranging from 0.50% to 0.75% over the base rate, or 1.50% to 1.75% over the adjusted term SOFR rate. The base rate is subject to an interest rate floor of 1.00% and the adjusted term SOFR rate is subject to an interest rate floor of 0.00%.

During the three months ended June 30, 2024, the Company entered into a AU$5 million uncommitted working capital credit facility in Australia for short term borrowing purposes.

Debt Covenants

All obligations under the senior secured credit facilities are secured by substantially all the assets of the Company’s material U.S. subsidiaries. The senior secured credit facilities contain a number of covenants that, among other things and subject to certain exceptions, may restrict the ability of Bright Horizons Family Solutions LLC, the Company’s wholly-owned subsidiary, and its restricted subsidiaries, to: incur liens; make investments, loans, advances and acquisitions; incur additional indebtedness or guarantees; pay dividends on capital stock or redeem, repurchase or retire capital stock or subordinated indebtedness; engage in transactions with affiliates; sell assets, including capital stock of the Company’s subsidiaries; alter the business conducted; enter into agreements restricting the Company’s subsidiaries’ ability to pay dividends; and consolidate or merge.

In addition, the credit agreement governing the senior secured credit facilities requires Bright Horizons Capital Corp., the Company’s direct subsidiary, to be a passive holding company, subject to certain exceptions. The term loan A and the revolving credit facility require Bright Horizons Family Solutions LLC, the borrower, and its restricted subsidiaries, to comply with a maximum first lien net leverage ratio not to exceed 4.25 to 1.00. A breach of the applicable covenant is subject to certain equity cure rights.

Future principal payments of long-term debt are as follows for the years ending December 31:


	Long-term debt

	(In thousands)
Remainder of 2024	$	10,500
2025	28,500
2026	351,000
2027	6,000
2028	564,000

Total future principal payments	$	960,000

Derivative Financial Instruments

The Company is subject to interest rate risk, as all borrowings under the senior secured credit facilities are subject to variable interest rates. The Company’s risk management policy permits using derivative instruments to manage interest rate and other risks. The Company uses interest rate caps to manage a portion of the risk related to changes in cash flows from interest rate movements.

In June 2020, the Company entered into interest rate cap agreements with a total notional value of $800 million, designated and accounted for as cash flow hedges from inception, to provide the Company with interest rate protection in the event the one-month term SOFR rate increases above 0.9%. Interest rate cap agreements for $300 million notional value had an effective date of June 30, 2020 and expired on October 31, 2023, while interest rate cap agreements for another $500 million notional amount had an effective date of October 29, 2021 and expired on October 31, 2023.

In December 2021, the Company entered into additional interest rate cap agreements with a total notional value of $900 million, designated and accounted for as cash flow hedges from inception. Interest rate cap agreements for $600 million, which had a forward starting effective date of October 31, 2023 and expire on October 31, 2025, provide the Company with interest rate protection in the event the one-month term SOFR rate increases above 2.4%. Interest rate cap agreements for $300 million, which had a forward starting effective date of October 31, 2023 and expire on October 31, 2026, provide the Company with interest rate protection in the event the one-month term SOFR rate increases above 2.9%.

The fair value of the derivative financial instruments was as follows for the periods presented:

Derivative financial instruments

Consolidated balance sheet classification

June 30, 2024

December 31, 2023

(In thousands)

Interest rate caps - asset

Other assets

28,864

28,968

The effect of the derivative financial instruments on other comprehensive income (loss) was as follows:


Derivatives designated as cash flow hedging instruments	Amount of gain (loss) recognized in other comprehensive income (loss)		Consolidated statement of income classification	Amount of net gain (loss) reclassified into earnings		Total effect on other comprehensive income (loss)

	(In thousands)			(In thousands)
Three months ended June 30, 2024
Cash flow hedges	$	3,295	Interest expense — net	$	5,638	$	(2,343)
Income tax effect	(880)		Income tax expense	(1,506)		626
Net of income taxes	$	2,415		$	4,132	$	(1,717)

Three months ended June 30, 2023
Cash flow hedges	$	15,312	Interest expense — net	$	8,004	$	7,308
Income tax effect	(4,088)		Income tax expense	(2,137)		(1,951)
Net of income taxes	$	11,224		$	5,867	$	5,357


Derivatives designated as cash flow hedging instruments	Amount of gain (loss) recognized in other comprehensive income (loss)		Consolidated statement of income classification	Amount of net gain (loss) reclassified into earnings		Total effect on other comprehensive income (loss)

	(In thousands)			(In thousands)
Six months ended June 30, 2024
Cash flow hedges	$	12,303	Interest expense — net	$	11,389	$	914
Income tax effect	(3,285)		Income tax expense	(3,041)		(244)
Net of income taxes	$	9,018		$	8,348	$	670

Six months ended June 30, 2023
Cash flow hedges	$	10,048	Interest expense — net	$	14,980	$	(4,932)
Income tax effect	(2,683)		Income tax expense	(4,000)		1,317
Net of income taxes	$	7,365		$	10,980	$	(3,615)

During the next 12 months, the Company estimates that a net gain of $17.8 million, pre-tax, will be reclassified from accumulated other comprehensive loss and recorded as a reduction to interest expense related to these derivative financial instruments.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
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-Publisher FASB
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
-Publisher FASB
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
-Publisher FASB
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Treasury Stock, at Cost	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
Beginning balance (in shares) at Dec. 31, 2022		57,531,130
Beginning balance at Dec. 31, 2022	$ 1,080,453	$ 58	$ 599,422	$ 0	$ (70,629)	$ 551,602
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	13,313		13,313
Issuance of common stock under the Equity Incentive Plan (in shares)		232,935
Issuance of common stock under the Equity Incentive Plan	16,169		16,169
Shares received in net share settlement of stock option exercises and vesting of restricted stock (in shares)		(23,366)
Shares received in net share settlement of stock option exercises and vesting of restricted stock	(1,629)		(1,629)
Other comprehensive income (loss)	12,742				12,742
Net income	28,720					28,720
Ending balance (in shares) at Jun. 30, 2023		57,740,699
Ending balance at Jun. 30, 2023	1,149,768	$ 58	627,275	0	(57,887)	580,322
Beginning balance (in shares) at Mar. 31, 2023		57,679,676
Beginning balance at Mar. 31, 2023	1,103,443	$ 58	616,305	0	(72,648)	559,728
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	7,463		7,463
Issuance of common stock under the Equity Incentive Plan (in shares)		63,137
Issuance of common stock under the Equity Incentive Plan	3,611		3,611
Shares received in net share settlement of stock option exercises and vesting of restricted stock (in shares)		(2,114)
Shares received in net share settlement of stock option exercises and vesting of restricted stock	(104)		(104)
Other comprehensive income (loss)	14,761				14,761
Net income	20,594					20,594
Ending balance (in shares) at Jun. 30, 2023		57,740,699
Ending balance at Jun. 30, 2023	$ 1,149,768	$ 58	627,275	0	(57,887)	580,322
Beginning balance (in shares) at Dec. 31, 2023	57,817,593	57,817,593
Beginning balance at Dec. 31, 2023	$ 1,212,676	$ 58	645,894	0	(59,101)	625,825
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	15,516		15,516
Issuance of common stock under the Equity Incentive Plan (in shares)		186,146
Issuance of common stock under the Equity Incentive Plan	13,389		13,389
Shares received in net share settlement of stock option exercises and vesting of restricted stock (in shares)		(16,814)
Shares received in net share settlement of stock option exercises and vesting of restricted stock	(1,786)		(1,786)
Other comprehensive income (loss)	(12,737)				(12,737)
Net income	$ 56,163					56,163
Ending balance (in shares) at Jun. 30, 2024	57,986,925	57,986,925
Ending balance at Jun. 30, 2024	$ 1,283,221	$ 58	673,013	0	(71,838)	681,988
Beginning balance (in shares) at Mar. 31, 2024		57,953,066
Beginning balance at Mar. 31, 2024	1,229,269	$ 58	663,406	0	(77,009)	642,814
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	8,105		8,105
Issuance of common stock under the Equity Incentive Plan (in shares)		35,095
Issuance of common stock under the Equity Incentive Plan	1,800		1,800
Shares received in net share settlement of stock option exercises and vesting of restricted stock (in shares)		(1,236)
Shares received in net share settlement of stock option exercises and vesting of restricted stock	(298)		(298)
Other comprehensive income (loss)	5,171				5,171
Net income	$ 39,174					39,174
Ending balance (in shares) at Jun. 30, 2024	57,986,925	57,986,925
Ending balance at Jun. 30, 2024	$ 1,283,221	$ 58	$ 673,013	$ 0	$ (71,838)	$ 681,988

LEASES - Weighted Average Remaining Lease Term and Discount Rate (Details)	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Weighted average remaining lease term (in years)	10 years	10 years
Weighted average discount rate	7.10%	7.10%

EARNINGS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of Earnings (Loss) Per Share, Basic

The following tables set forth the computation of basic and diluted earnings per share:


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023

	(In thousands, except share data)
Basic earnings per share:
Net income	$	39,174	$	20,594	$	56,163	$	28,720
Allocation of net income to common stockholders:
Common stock	$	39,174	$	20,548	$	56,163	$	28,646
Unvested participating shares	—		46		—		74
Net income	$	39,174	$	20,594	$	56,163	$	28,720

Weighted average common shares outstanding:
Common stock	57,971,350		57,707,565		57,924,875		57,655,715
Unvested participating shares	43,658		129,045		68,908		165,897
Earnings per common share:
Common stock	$	0.68	$	0.36	$	0.97	$	0.50

Schedule of Earnings (Loss) Per Share, Diluted


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023

	(In thousands, except share data)
Diluted earnings per share:
Earnings allocated to common stock	$	39,174	$	20,548	$	56,163	$	28,646
Plus: earnings allocated to unvested participating shares	—		46		—		74
Less: adjusted earnings allocated to unvested participating shares	—		(46)		—		(74)
Earnings allocated to common stock	$	39,174	$	20,548	$	56,163	$	28,646

Weighted average common shares outstanding:
Common stock	57,971,350		57,707,565		57,924,875		57,655,715
Effect of dilutive securities	466,836		197,859		449,421		151,952
Weighted average common shares outstanding — diluted	58,438,186		57,905,424		58,374,296		57,807,667
Earnings per common share:
Common stock	$	0.67	$	0.35	$	0.96	$	0.50

REVENUE RECOGNITION (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

Revenue disaggregated by segment and geographical region was as follows:


	Full service center-based child care		Back-up care		Educational advisory services		Total

	(In thousands)
Three months ended June 30, 2024
North America	$	330,510	$	123,682	$	26,492	$	480,684
International	176,567		12,808		—		189,375
	$	507,077	$	136,490	$	26,492	$	670,059
Three months ended June 30, 2023
North America	$	300,014	$	109,556	$	25,847	$	435,417
International	158,517		9,282		—		167,799
	$	458,531	$	118,838	$	25,847	$	603,216


	Full service center-based child care		Back-up care		Educational advisory services		Total

	(In thousands)
Six months ended June 30, 2024
North America	$	650,713	$	227,093	$	50,889	$	928,695
International	340,004		24,069		—		364,073
	$	990,717	$	251,162	$	50,889	$	1,292,768
Six months ended June 30, 2023
North America	$	584,598	$	201,176	$	50,132	$	835,906
International	304,124		16,792		—		320,916
	$	888,722	$	217,968	$	50,132	$	1,156,822

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income	$ 39,174	$ 20,594	$ 56,163	$ 28,720

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

ACQUISITIONS	6 Months Ended
ACQUISITIONS	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
ACQUISITIONS	ACQUISITIONS The Company’s growth strategy includes expansion through strategic and synergistic acquisitions. The goodwill resulting from these acquisitions arises largely from synergies expected from combining the operations of the businesses acquired with the Company’s existing operations, including cost efficiencies and leveraging existing client relationships, as well as from benefits derived from gaining the related assembled workforce. 2024 Acquisitions In April 2024, the Company acquired the remaining shares outstanding of a provider of early education and tutoring in the Netherlands for cash consideration of $1.3 million and contingent consideration of $0.7 million payable in 2026 and 2027, resulting in control and consolidation of an investment previously accounted for under the equity method. The Company had previously made investments totaling $8.4 million. The Company recorded goodwill of $9.8 million related to the full service center-based child care segment, which will not be deductible for tax purposes. In addition, the Company recorded intangible assets of $1.0 million that will be amortized over four to five years. Additionally, during the six months ended June 30, 2024, the Company acquired one center in Australia, which was accounted for as a business combination. This business was acquired for cash consideration of $2.5 million. The Company recorded goodwill of $2.4 million related to the full service center-based child care segment, which will not be deductible for tax purposes. In addition, the Company recorded intangible assets of $0.3 million that will be amortized over four years. The determination and allocation of purchase price consideration is based on preliminary estimates of fair value; such estimates and assumptions are subject to change within the measurement period (up to one year from the acquisition date). As of June 30, 2024, the purchase price allocations for these acquisitions remain open as the Company gathers additional information regarding the assets acquired and the liabilities assumed. The operating results for the acquired businesses are included in the consolidated results of operations from the date of acquisition and were not material to the Company’s financial results. In January 2024, the Company paid deferred consideration of $106.5 million related to the 2022 acquisition of Only About Children, a child care operator in Australia. The acquisition date fair value of the deferred consideration of $97.7 million is presented as cash used in financing activities in the consolidated statement of cash flows while the accrued interest is presented as cash used in operating activities. In April 2024, the Company paid contingent consideration of $14.3 million related to a 2021 acquisition. The acquisition date fair value of the contingent consideration of $6.2 million is presented as cash used in financing activities in the consolidated statement of cash flows while the change in fair value is presented as cash used in operating activities. 2023 Acquisitions During the year ended December 31, 2023, the Company acquired four centers in the United States and six centers in Australia, in five separate business acquisitions, which were each accounted for as a business combination. The businesses were acquired for aggregate cash consideration of $39.5 million, which is subject to adjustments from the settlement of the final working capital and acquired enrollment. The Company recorded goodwill of $37.2 million related to the full service center-based child care segment in relation to these acquisitions, of which $25.5 million will be deductible for tax purposes. In addition, the Company recorded intangible assets of $4.0 million that will be amortized over four years. The determination and allocation of purchase price consideration is based on preliminary estimates of fair value; such estimates and assumptions are subject to change within the measurement period (up to one year from the acquisition date). As of June 30, 2024, the purchase price allocation for three of these acquisitions remains open as the Company gathers additional information regarding the assets acquired and the liabilities assumed. The operating results for the acquired businesses are included in the consolidated results of operations from the date of acquisition and were not material to the Company’s financial results. During the year ended December 31, 2023, the Company paid contingent consideration of $0.2 million related to an acquisition completed in 2021, which had been recorded as a liability at the date of acquisition and is presented as cash used in financing activities in the consolidated statement of cash flows.

FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Roll Forward of the Fair Value of Recurring Level 3 Fair Value Measurements

The following table provides a roll forward of the recurring Level 3 fair value measurements:


	Six months ended June 30, 2024

	(In thousands)
Balance at January 1, 2024	$	11,516
Issuance of contingent consideration in connection with acquisitions	696
Settlement of contingent consideration liabilities	(14,300)

Changes in fair value	2,802
Foreign currency translation	(9)
Balance at June 30, 2024	$	705

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Schedule of Changes in Accumulated Other Comprehensive Income (Loss)

The changes in accumulated other comprehensive income (loss) by component were as follows:


	Six months ended June 30, 2024
	Foreign currency translation adjustments (1)		Unrealized gain (loss) on cash flow hedges		Unrealized gain (loss) on investments		Total

	(In thousands)
Balance at January 1, 2024	$	(76,130)	$	17,100	$	(71)	$	(59,101)
Other comprehensive income (loss) before reclassifications — net of tax	(13,394)		9,018		(27)		(4,403)
Less: amounts reclassified from accumulated other comprehensive income (loss) — net of tax	—		8,348		(14)		8,334
Net other comprehensive income (loss)	(13,394)		670		(13)		(12,737)
Balance at June 30, 2024	$	(89,524)	$	17,770	$	(84)	$	(71,838)


	Six months ended June 30, 2023
	Foreign currency translation adjustments (1)		Unrealized gain (loss) on cash flow hedges		Unrealized gain (loss) on investments		Total

	(In thousands)
Balance at January 1, 2023	$	(105,138)	$	34,738	$	(229)	$	(70,629)
Other comprehensive income (loss) before reclassifications — net of tax	16,336		7,365		(40)		23,661
Less: amounts reclassified from accumulated other comprehensive income (loss) — net of tax	—		10,980		(61)		10,919
Net other comprehensive income (loss)	16,336		(3,615)		21		12,742
Balance at June 30, 2023	$	(88,802)	$	31,123	$	(208)	$	(57,887)

(1)Taxes are not provided for the currency translation adjustments related to the undistributed earnings of foreign subsidiaries that are intended to be indefinitely reinvested.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit loss, current	$ 3,221	$ 2,317
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	25,000,000	25,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	475,000,000	475,000,000
Common stock, shares issued (in shares)	57,986,925	57,817,593
Common stock, shares outstanding (in shares)	57,986,925	57,817,593

CREDIT ARRANGEMENTS AND DEBT OBLIGATIONS - Senior Secured Credit Facilities (Details)	1 Months Ended	6 Months Ended
	Jan. 31, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 AUD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Contingent consideration paid		$ 103,872,000	$ 225,000
Only About Children
Debt Instrument [Line Items]
Contingent consideration paid	$ 106,500,000
Line of Credit
Debt Instrument [Line Items]
Effective interest rate for the term loans		7.42%		7.42%	7.52%
Weighted average interest rate		7.47%	6.91%	7.47%
Line of Credit \| Term loan B
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity		$ 600,000,000
Debt instrument, term		7 years
Percentage of periodic payment		1.00%		1.00%
Basis spread on variable rate		1.25%
Debt instrument, interest rate, stated percentage		2.25%		2.25%
Line of Credit \| Term loan B \| Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		1.50%
Line of Credit \| Term loan B \| Secured Overnight Financing Rate (SOFR) \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%
Line of Credit \| Term loan A
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity		$ 400,000,000
Debt instrument, term		5 years
Line of Credit \| Term loan A \| Quarterly Payment Rate for First Three Years
Debt Instrument [Line Items]
Percentage of periodic payment		2.50%		2.50%
Line of Credit \| Term loan A \| Payment Rate in Year Four
Debt Instrument [Line Items]
Percentage of periodic payment		5.00%		5.00%
Line of Credit \| Term loan A \| Payment Rate in Year Five
Debt Instrument [Line Items]
Percentage of periodic payment		7.50%		7.50%
Line of Credit \| Term loan A \| Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%
Line of Credit \| Term loan A \| Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		0.75%
Line of Credit \| Term loan A \| Secured Overnight Financing Rate (SOFR) \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		1.50%
Line of Credit \| Term loan A \| Secured Overnight Financing Rate (SOFR) \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		1.75%
Line of Credit \| Term loan A \| Base Rate, Floor Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%
Line of Credit \| Term loan A \| SOFR Floor
Debt Instrument [Line Items]
Basis spread on variable rate		0.00%
Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity		$ 400,000,000		$ 5,000,000
Weighted average interest rate		7.81%	7.07%	7.81%
Borrowing outstanding under revolving credit facility		$ 0			$ 0
Letters of credit outstanding		10,200,000			19,300,000
Remaining borrowing capacity		$ 389,800,000			$ 380,700,000
Net leverage ratio		4.25
Revolving Credit Facility \| Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%
Revolving Credit Facility \| Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		0.75%
Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR) \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		1.50%
Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR) \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		1.75%
Revolving Credit Facility \| Base Rate, Floor Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%
Revolving Credit Facility \| SOFR Floor
Debt Instrument [Line Items]
Basis spread on variable rate		0.00%

EARNINGS PER SHARE - Computation of Basic Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income	$ 39,174	$ 20,594	$ 56,163	$ 28,720
Allocation of net income to common stockholders:
Common stock	39,174	20,548	56,163	28,646
Unvested participating shares	0	46	0	74
Net income	$ 39,174	$ 20,594	$ 56,163	$ 28,720
Weighted average common shares outstanding:
Weighted average number of common shares (in shares)	57,971,350	57,707,565	57,924,875	57,655,715
Earnings per common share:
Common stock (in dollars per share)	$ 0.68	$ 0.36	$ 0.97	$ 0.50
Unvested participating shares
Weighted average common shares outstanding:
Weighted average number of common shares (in shares)	43,658	129,045	68,908	165,897

REVENUE RECOGNITION - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 670,059	$ 603,216	$ 1,292,768	$ 1,156,822
North America
Disaggregation of Revenue [Line Items]
Revenue	480,684	435,417	928,695	835,906
International
Disaggregation of Revenue [Line Items]
Revenue	189,375	167,799	364,073	320,916
Full service center-based child care \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	507,077	458,531	990,717	888,722
Full service center-based child care \| North America \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	330,510	300,014	650,713	584,598
Full service center-based child care \| International \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	176,567	158,517	340,004	304,124
Back-up care \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	136,490	118,838	251,162	217,968
Back-up care \| North America \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	123,682	109,556	227,093	201,176
Back-up care \| International \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	12,808	9,282	24,069	16,792
Educational advisory services \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	26,492	25,847	50,889	50,132
Educational advisory services \| North America \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	26,492	25,847	50,889	50,132
Educational advisory services \| International \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	$ 0	$ 0	$ 0	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
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+ Details

LEASES - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Remainder of 2024	$ 69,466
2025	153,824
2026	147,846
2027	138,514
2028	127,465
Thereafter	596,269
Total lease payments	1,233,384
Less imputed interest	(357,126)
Present value of lease liabilities	876,258
Less current portion of operating lease liabilities	(100,934)	$ (100,387)
Long-term operating lease liabilities	$ 775,324	$ 796,701

REVENUE RECOGNITION

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITION

Disaggregation of Revenue

The Company disaggregates revenue from contracts with customers into segments and geographical regions. Revenue disaggregated by segment and geographical region was as follows:


	Full service center-based child care		Back-up care		Educational advisory services		Total

	(In thousands)
Three months ended June 30, 2024
North America	$	330,510	$	123,682	$	26,492	$	480,684
International	176,567		12,808		—		189,375
	$	507,077	$	136,490	$	26,492	$	670,059
Three months ended June 30, 2023
North America	$	300,014	$	109,556	$	25,847	$	435,417
International	158,517		9,282		—		167,799
	$	458,531	$	118,838	$	25,847	$	603,216


	Full service center-based child care		Back-up care		Educational advisory services		Total

	(In thousands)
Six months ended June 30, 2024
North America	$	650,713	$	227,093	$	50,889	$	928,695
International	340,004		24,069		—		364,073
	$	990,717	$	251,162	$	50,889	$	1,292,768
Six months ended June 30, 2023
North America	$	584,598	$	201,176	$	50,132	$	835,906
International	304,124		16,792		—		320,916
	$	888,722	$	217,968	$	50,132	$	1,156,822

The classification “North America” is comprised of the Company’s operations in the United States (including Puerto Rico) and the classification “International” includes the Company’s operations in the United Kingdom, the Netherlands, Australia and India.

Effective January 1, 2024, the Company realigned its organizational structure to better reflect synergies across certain business lines resulting in a change in reportable segments. The Company’s Back-up Care segment now includes the Sittercity operations, which were previously reported in the Educational Advisory and Other Services segment. Segment information for 2023 has been recast to conform to the current year presentation.

Deferred Revenue

The Company records deferred revenue when payments are received in advance of the Company’s performance under the contract, which is recognized as revenue as the performance obligation is satisfied. The Company recognized $213.2 million and $175.2 million as revenue during the six months ended June 30, 2024 and 2023, respectively, which was included in the deferred revenue balance at the beginning of each respective period.

Remaining Performance Obligations

The Company does not disclose the value of unsatisfied performance obligations for contracts with an original contract term of one year or less, or for variable consideration allocated to the unsatisfied performance obligation of a series of services. The transaction price allocated to the remaining performance obligations relates to services that are paid or invoiced in advance. The Company’s remaining performance obligations not subject to the practical expedients were not material.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
INCOME TAXES (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax rates	31.30%	38.20%	32.60%	43.70%
Increase (decrease) tax, share-based compensation expense	$ 0.2	$ 0.8	$ 0.6	$ 2.9
Effective income tax rate prior to the inclusion of excess tax benefit and other discrete items (percent)	27.00%	28.00%	27.00%	28.00%
Unrecognized tax benefits, including interest	$ 4.9		$ 4.9		$ 4.6

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

ORGANIZATION AND BASIS OF PRESENTATION (Policies)	6 Months Ended
ORGANIZATION AND BASIS OF PRESENTATION (Policies)	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation — The accompanying unaudited condensed consolidated balance sheet as of June 30, 2024 and the unaudited condensed consolidated statements of income, comprehensive income, changes in stockholders’ equity, and cash flows for the interim periods ended June 30, 2024 and 2023 have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required in accordance with U.S. GAAP for complete financial statements and should be read in conjunction with the audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The consolidated financial statements include the accounts of the Company and its subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. In the opinion of the Company’s management, the Company’s unaudited condensed consolidated balance sheet as of June 30, 2024 and the unaudited condensed consolidated statements of income, comprehensive income, changes in stockholders’ equity, and cash flows for the interim periods ended June 30, 2024 and 2023, reflect all adjustments (consisting only of normal and recurring adjustments) necessary to present fairly the results of the interim periods presented. The operating results for the interim periods presented are not necessarily indicative of the results expected for the full year. Effective January 1, 2024, the Company realigned its organizational structure to better reflect synergies across certain business lines resulting in a change in reportable segments. The Company’s Back-up Care segment now includes the Sittercity operations, which were previously reported in the Educational Advisory and Other Services segment. Segment information for 2023 has been recast to conform to the current year presentation.
Fair Value Measurement	Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are classified using a three-level hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement. The hierarchy gives the highest priority to observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The Company uses observable inputs where relevant and whenever possible. The three levels of the hierarchy are defined as follows: Level 1 — Fair value is derived using quoted prices from active markets for identical instruments. Level 2 — Fair value is derived using quoted prices for similar instruments from active markets or for identical or similar instruments in markets that are not active; or, fair value is based on model-derived valuations in which all significant inputs and significant value drivers are observable from active markets. Level 3 — Fair value is derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are classified using a three-level hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement. The hierarchy gives the highest priority to observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The Company uses observable inputs where relevant and whenever possible. The three levels of the hierarchy are defined as follows:

Level 1 — Fair value is derived using quoted prices from active markets for identical instruments.

Level 2 — Fair value is derived using quoted prices for similar instruments from active markets or for identical or similar instruments in markets that are not active; or, fair value is based on model-derived valuations in which all significant inputs and significant value drivers are observable from active markets.

Level 3 — Fair value is derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

The carrying value of cash and cash equivalents, restricted cash, accounts receivable, and accounts payable and accrued expenses approximates their fair value because of their short-term nature.

Financial instruments that potentially expose the Company to concentrations of credit risk consisted mainly of cash and accounts receivable. The Company mitigates its exposure by maintaining its cash in financial institutions of high credit standing. The Company’s accounts receivable are derived primarily from the services it provides, and the related credit risk is dispersed across many clients in various industries with no single client accounting for more than 10% of the Company’s net revenue or accounts receivable. No significant credit concentration risk existed at June 30, 2024.

Long-term Debt — The Company’s long-term debt is recorded at adjusted cost, net of original issue discounts and deferred financing costs. The fair value of the Company’s long-term debt is based on current bid prices or prices for similar instruments from active markets. As such, the Company’s long-term debt was classified as Level 2. As of June 30, 2024 and December 31, 2023, the estimated fair value approximated the carrying value of long-term debt.

Derivative Financial Instruments — The Company’s interest rate cap agreements are recorded at fair value and estimated using market-standard valuation models. Such models project future cash flows and discount the future amounts to a present value using market-based observable inputs. Additionally, the fair value of the interest rate caps included consideration of credit risk. The Company used a potential future exposure model to estimate this credit valuation adjustment (“CVA”). The inputs to the CVA were largely based on observable market data, with the exception of certain assumptions regarding credit worthiness. As the magnitude of the CVA was not a significant component of the fair value of the interest rate caps, it was not considered a significant input. The fair value of the interest rate caps is classified as Level 2. As of June 30, 2024 and December 31, 2023, the fair value of the interest rate cap agreements was $28.9 million and $29.0 million, respectively, and was recorded in other assets on the consolidated balance sheet.

Debt Securities — The Company’s investments in debt securities, which are classified as available-for-sale, consist of U.S. Treasury and U.S. government agency securities, asset-backed securities, certificates of deposit and corporate bonds. These securities are held in escrow by the Company’s wholly-owned captive insurance company and were purchased with restricted cash. As such, these securities are not available to fund the Company’s operations. These securities are recorded at fair value using quoted prices available in active markets and are classified as Level 1. As of June 30, 2024, the fair value of the available-for-sale debt securities was $38.2 million and was classified based on the instruments’ maturity dates, with $12.6 million included in prepaid expenses and other current assets and $25.6 million in other assets on the consolidated balance sheet. As of December 31, 2023, the fair value of the available-for-sale debt securities was $23.9 million, with $22.0 million included in prepaid expenses and other current assets and $1.9 million in other assets on the consolidated balance sheet. At June 30, 2024 and December 31, 2023, the amortized cost was $38.3 million and $24.0 million, respectively. The debt securities held at June 30, 2024 had remaining maturities ranging from less than one year to approximately ten years. Unrealized gains and losses, net of tax, on available-for-sale debt securities were immaterial for the three and six months ended June 30, 2024 and 2023.

Liabilities for Contingent Consideration — The Company is subject to contingent consideration arrangements in connection with certain business combinations. Liabilities for contingent consideration are measured at fair value each reporting period, with the acquisition-date fair value included as part of the consideration payable for the related business combination and subsequent changes in fair value recorded to selling, general and administrative expenses on the Company’s consolidated statement of income. The fair value of contingent consideration was generally calculated using customary valuation models based on probability-weighted outcomes of meeting certain future performance targets and forecasted results. The key inputs to the valuations are the projections of future financial results in relation to the businesses and the company-specific discount rates. The Company classified the contingent consideration liabilities as a Level 3 fair value measurement due to the lack of observable inputs used in the model.

The following table provides a roll forward of the recurring Level 3 fair value measurements:


	Six months ended June 30, 2024

	(In thousands)
Balance at January 1, 2024	$	11,516
Issuance of contingent consideration in connection with acquisitions	696
Settlement of contingent consideration liabilities	(14,300)

Changes in fair value	2,802
Foreign currency translation	(9)
Balance at June 30, 2024	$	705

The contingent consideration liability outstanding as of June 30, 2024 relates to an acquisition completed in 2024. During the six months ended June 30, 2024, contingent consideration liabilities of $14.3 million were paid related to an acquisition completed in 2021, which was originally due in 2026, but settled early and paid in April 2024. During the six months ended June 30, 2023, contingent consideration liabilities of $0.2 million were paid related to an acquisition completed in 2021.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 39,174	$ 20,594	$ 56,163	$ 28,720
Other comprehensive income (loss):
Foreign currency translation adjustments	6,925	9,456	(13,394)	16,336
Unrealized gain (loss) on cash flow hedges and investments, net of tax	(1,754)	5,305	657	(3,594)
Total other comprehensive income (loss)	5,171	14,761	(12,737)	12,742
Comprehensive income	$ 44,345	$ 35,355	$ 43,426	$ 41,462

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,229,269	$ 1,103,443	$ 1,212,676	$ 1,080,453
Other comprehensive income (loss) before reclassifications — net of tax			(4,403)	23,661
Less: amounts reclassified from accumulated other comprehensive income (loss) — net of tax			8,334	10,919
Total other comprehensive income (loss)	5,171	14,761	(12,737)	12,742
Ending balance	1,283,221	1,149,768	1,283,221	1,149,768
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(77,009)	(72,648)	(59,101)	(70,629)
Total other comprehensive income (loss)	5,171	14,761	(12,737)	12,742
Ending balance	(71,838)	(57,887)	(71,838)	(57,887)
Foreign currency translation adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(76,130)	(105,138)
Other comprehensive income (loss) before reclassifications — net of tax			(13,394)	16,336
Less: amounts reclassified from accumulated other comprehensive income (loss) — net of tax			0	0
Total other comprehensive income (loss)			(13,394)	16,336
Ending balance	(89,524)	(88,802)	(89,524)	(88,802)
Unrealized gain (loss) on cash flow hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			17,100	34,738
Other comprehensive income (loss) before reclassifications — net of tax			9,018	7,365
Less: amounts reclassified from accumulated other comprehensive income (loss) — net of tax			8,348	10,980
Total other comprehensive income (loss)			670	(3,615)
Ending balance	17,770	31,123	17,770	31,123
Unrealized gain (loss) on investments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(71)	(229)
Other comprehensive income (loss) before reclassifications — net of tax			(27)	(40)
Less: amounts reclassified from accumulated other comprehensive income (loss) — net of tax			(14)	(61)
Total other comprehensive income (loss)			(13)	21
Ending balance	$ (84)	$ (208)	$ (84)	$ (208)

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

CREDIT ARRANGEMENTS AND DEBT OBLIGATIONS - Future Principal Payments Under New Term Loan (Details) - Secured Debt $ in Thousands	Jun. 30, 2024 USD ($)
Debt Instrument [Line Items]
Remainder of 2024	$ 10,500
2025	28,500
2026	351,000
2027	6,000
2028	564,000
Total future principal payments	$ 960,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

GOODWILL AND INTANGIBLE ASSETS - Estimated Amortization Expense Related to Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2024	$ 4,862
2025	6,212
2026	4,323
2027	3,137
2028	1,717
Thereafter	3,132
Net carrying amount	$ 23,383	$ 35,985

EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

EARNINGS PER SHARE

The following tables set forth the computation of basic and diluted earnings per share:


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023

	(In thousands, except share data)
Basic earnings per share:
Net income	$	39,174	$	20,594	$	56,163	$	28,720
Allocation of net income to common stockholders:
Common stock	$	39,174	$	20,548	$	56,163	$	28,646
Unvested participating shares	—		46		—		74
Net income	$	39,174	$	20,594	$	56,163	$	28,720

Weighted average common shares outstanding:
Common stock	57,971,350		57,707,565		57,924,875		57,655,715
Unvested participating shares	43,658		129,045		68,908		165,897
Earnings per common share:
Common stock	$	0.68	$	0.36	$	0.97	$	0.50


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023

	(In thousands, except share data)
Diluted earnings per share:
Earnings allocated to common stock	$	39,174	$	20,548	$	56,163	$	28,646
Plus: earnings allocated to unvested participating shares	—		46		—		74
Less: adjusted earnings allocated to unvested participating shares	—		(46)		—		(74)
Earnings allocated to common stock	$	39,174	$	20,548	$	56,163	$	28,646

Weighted average common shares outstanding:
Common stock	57,971,350		57,707,565		57,924,875		57,655,715
Effect of dilutive securities	466,836		197,859		449,421		151,952
Weighted average common shares outstanding — diluted	58,438,186		57,905,424		58,374,296		57,807,667
Earnings per common share:
Common stock	$	0.67	$	0.35	$	0.96	$	0.50

For the interim periods ended June 30, 2024 and 2023, basic and diluted earnings per share were calculated using the treasury method and the two-class method, respectively. Equity awards outstanding to purchase or receive 1.4 million and 1.8 million shares of common stock were excluded from diluted earnings per share for the three months ended June 30, 2024 and 2023, respectively, and 1.5 million and 1.9 million shares of common stock were excluded from diluted earnings per share for the six months ended June 30, 2024 and 2023, respectively, since their effect was anti-dilutive. These equity awards may become dilutive in the future.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 140,246	$ 71,568
Accounts receivable — net of allowance for credit losses of $3,221 and $2,317 at June 30, 2024 and December 31, 2023, respectively	184,987	281,710
Prepaid expenses and other current assets	70,785	93,621
Total current assets	396,018	446,899
Fixed assets — net	578,925	579,296
Goodwill	1,788,166	1,786,405
Other intangible assets — net	203,930	216,576
Operating lease right-of-use assets	756,215	774,703
Other assets	114,145	92,265
Total assets	3,837,399	3,896,144
Current liabilities:
Current portion of long-term debt	23,500	18,500
Accounts payable and accrued expenses	282,760	259,077
Current portion of operating lease liabilities	100,934	100,387
Deferred revenue	258,896	272,891
Other current liabilities	46,396	148,578
Total current liabilities	712,486	799,433
Long-term debt — net	931,857	944,264
Operating lease liabilities	775,324	796,701
Other long-term liabilities	91,564	101,259
Deferred revenue	13,138	8,656
Deferred income taxes	29,809	33,155
Total liabilities	2,554,178	2,683,468
Stockholders’ equity:
Preferred stock, $0.001 par value; 25,000,000 shares authorized; no shares issued or outstanding at June 30, 2024 and December 31, 2023	0	0
Common stock, $0.001 par value; 475,000,000 shares authorized; 57,986,925 and 57,817,593 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively	58	58
Additional paid-in capital	673,013	645,894
Accumulated other comprehensive loss	(71,838)	(59,101)
Retained earnings	681,988	625,825
Total stockholders’ equity	1,283,221	1,212,676
Total liabilities and stockholders’ equity	$ 3,837,399	$ 3,896,144

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company’s effective income tax rates were 31.3% and 38.2% for the three months ended June 30, 2024 and 2023, respectively, and 32.6% and 43.7% for the six months ended June 30, 2024 and 2023, respectively. The effective income tax rate may fluctuate from quarter to quarter for various reasons, including changes to income before income tax, jurisdictional mix of income before income tax, unbenefited losses, valuation allowances, jurisdictional income tax rate changes, as well as discrete items such as non-deductible transaction costs, the settlement of foreign, federal and state tax matters and the effects of excess (shortfall) tax benefit (expense) associated with the exercise or expiration of stock options and vesting of restricted stock, which is included in tax expense. During the three and six months ended June 30, 2024, the net shortfall tax expense from stock-based compensation expense increased tax expense by $0.2 million and $0.6 million, respectively. During the three and six months ended June 30, 2023, the net shortfall tax expense from stock-based compensation expense increased tax expense by $0.8 million and $2.9 million, respectively. For the three and six months ended June 30, 2024, prior to the inclusion of the shortfall tax expense, other discrete items and unbenefited losses in certain foreign jurisdictions, the effective income tax rate approximated 27%. For the three and six months ended June 30, 2023, prior to the inclusion of the shortfall tax expense, other discrete items and unbenefited losses in certain foreign jurisdictions, the effective income tax rate approximated 28%. The Company’s unrecognized tax benefits were $4.9 million and $4.6 million at June 30, 2024 and December 31, 2023, respectively, inclusive of interest. The unrecognized tax benefits may change over the next 12 months by up to $4.6 million. The Company and its domestic subsidiaries are subject to U.S. federal income tax as well as tax in multiple state jurisdictions. U.S. federal income tax returns are typically subject to examination by the Internal Revenue Service and the statute of limitations for federal tax returns is three years. The Company’s filings for the tax years 2020 through 2022 are subject to audit based upon the federal statute of limitations. State income tax returns are generally subject to examination for a period of three to four years after filing of the respective return. The state impact of any federal changes remains subject to examination by various states for a period of up to one year after formal notification to the states. The Company’s filings for the tax years 2019 through 2022 are subject to audit based upon the statute of limitations. The Company is also subject to corporate income tax for its subsidiaries located in the United Kingdom, the Netherlands, Australia, India, and Puerto Rico. The tax returns for the Company’s subsidiaries located in foreign jurisdictions are subject to examination for periods ranging from one to six years.

- Definition

The entire disclosure for income tax.

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-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

FAIR VALUE MEASUREMENTS - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Fair Value Measurements Disclosure [Line Items]
Available-for-sale debt securities fair value	$ 38,200		$ 23,900
Available-for-sale debt securities amortized cost	38,300		24,000
Contingent consideration paid	103,872	$ 225
Contingent consideration
Fair Value Measurements Disclosure [Line Items]
Settlement of contingent consideration liabilities	$ 14,300	$ 200
Minimum
Fair Value Measurements Disclosure [Line Items]
Debt securities, remaining maturity term	1 year
Maximum
Fair Value Measurements Disclosure [Line Items]
Debt securities, remaining maturity term	10 years
Prepaid and other current assets
Fair Value Measurements Disclosure [Line Items]
Available-for-sale debt securities fair value	$ 12,600		22,000
Other assets
Fair Value Measurements Disclosure [Line Items]
Available-for-sale debt securities fair value	25,600		1,900
Interest rate caps \| Fair Value, Inputs, Level 2 \| Estimate of Fair Value Measurement
Fair Value Measurements Disclosure [Line Items]
Derivative asset	$ 28,900		$ 29,000

FAIR VALUE MEASUREMENTS - Roll Forward of Recurring Level 3 Fair Value Measurements (Details) - Contingent consideration - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Business Combination, Contingent Consideration, Liability [Roll Forward]
Beginning balance	$ 11,516
Issuance of contingent consideration in connection with acquisitions	696
Settlement of contingent consideration liabilities	(14,300)	$ (200)
Changes in fair value	2,802
Foreign currency translation	(9)
Ending balance	$ 705

GOODWILL AND INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

The changes in the carrying amount of goodwill were as follows:


	Full service center-based child care		Back-up care		Educational advisory services		Total

	(In thousands)
Balance at January 1, 2024	$	1,539,264	$	209,465	$	37,676	$	1,786,405
Additions from acquisitions	12,180		—		—		12,180
Adjustments to prior year acquisitions	107		—		—		107
Effect of foreign currency translation	(10,362)		(164)		—		(10,526)
Balance at June 30, 2024	$	1,541,189	$	209,301	$	37,676	$	1,788,166

The Company also has intangible assets, which consisted of the following at June 30, 2024 and December 31, 2023:


June 30, 2024	Weighted average amortization period	Cost		Accumulated amortization		Net carrying amount

		(In thousands)
Definite-lived intangible assets:
Customer relationships	8 years	$	397,539	$	(381,479)	$	16,060
Trade names	10 years	19,685		(12,362)		7,323
		417,224		(393,841)		23,383
Indefinite-lived intangible assets:
Trade names	N/A	180,547		—		180,547
		$	597,771	$	(393,841)	$	203,930


December 31, 2023	Weighted average amortization period	Cost		Accumulated amortization		Net carrying amount

		(In thousands)
Definite-lived intangible assets:
Customer relationships	11 years	$	397,079	$	(368,963)	$	28,116
Trade names	10 years	19,664		(11,795)		7,869
		416,743		(380,758)		35,985
Indefinite-lived intangible assets:
Trade names	N/A	180,591		—		180,591
		$	597,334	$	(380,758)	$	216,576

The Company estimates that it will record amortization expense related to intangible assets existing as of June 30, 2024 as follows:


	Estimated amortization expense

	(In thousands)
Remainder of 2024	$	4,862
2025	6,212
2026	4,323
2027	3,137
2028	1,717
Thereafter	3,132
	$	23,383

ACCUMULATED OTHER COMPREHENSIVE LOSS

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

ACCUMULATED OTHER COMPREHENSIVE LOSS

Accumulated other comprehensive loss, which is included as a component of stockholders’ equity, is comprised of foreign currency translation adjustments and unrealized gains (losses) on cash flow hedges and investments, net of tax.

The changes in accumulated other comprehensive income (loss) by component were as follows:


	Six months ended June 30, 2024
	Foreign currency translation adjustments (1)		Unrealized gain (loss) on cash flow hedges		Unrealized gain (loss) on investments		Total

	(In thousands)
Balance at January 1, 2024	$	(76,130)	$	17,100	$	(71)	$	(59,101)
Other comprehensive income (loss) before reclassifications — net of tax	(13,394)		9,018		(27)		(4,403)
Less: amounts reclassified from accumulated other comprehensive income (loss) — net of tax	—		8,348		(14)		8,334
Net other comprehensive income (loss)	(13,394)		670		(13)		(12,737)
Balance at June 30, 2024	$	(89,524)	$	17,770	$	(84)	$	(71,838)


	Six months ended June 30, 2023
	Foreign currency translation adjustments (1)		Unrealized gain (loss) on cash flow hedges		Unrealized gain (loss) on investments		Total

	(In thousands)
Balance at January 1, 2023	$	(105,138)	$	34,738	$	(229)	$	(70,629)
Other comprehensive income (loss) before reclassifications — net of tax	16,336		7,365		(40)		23,661
Less: amounts reclassified from accumulated other comprehensive income (loss) — net of tax	—		10,980		(61)		10,919
Net other comprehensive income (loss)	16,336		(3,615)		21		12,742
Balance at June 30, 2023	$	(88,802)	$	31,123	$	(208)	$	(57,887)

(1)Taxes are not provided for the currency translation adjustments related to the undistributed earnings of foreign subsidiaries that are intended to be indefinitely reinvested.